Performance for the Day
The 1.1745 strong resistance level is currently in sight for the EURUSD pair as U.S dollar weakens across board to the 94.29 area. Price is currently hovering at the 1.1710 area well above the 4 hr 200 moving average area.
However, common currency rose for about 60 pips today as a result of continued weakness of the U.S dollar. Better than expected Home Sales data was unable to boost the greenback.
Technically, the 4hr 200 period moving average may serve as a support for the pair at the 1.1661 area if price drops below the 1.1700 psychological area. Moreover, if the present bullish run continues, the price may rise to test the 1.1725 descending trend line resistance for the fourth time in two weeks.
Next on the economic calendar is EU GDP and CPI data, and U.S Core Personal Consumption Expenditures – Price Index all due tomorrow.
Trade Levels to Watch
A strong break above the 1.1745 resistance level will signal a bullish correction of the pair to the 1.1789 area. A break below the 1.1689 support area will signal a bearish move of the pair to the 1.1661 level.
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